Bluzelle CEO Pavel Bains likes to make the complicated seem uncomplicated, as when he describes blockchain as simply an “authentication and verification of data between parties that inherently might not trust each other.”

But he might be on to something.

These days, threats like money laundering and terrorism have banks and regulatory agencies nervous. Identity Management and KYC have become costly in both time and resources when banks and insurance companies onboard new customers.

As regulations increase, so do non-compliance penalties and other complications. But Bains believes the solution is as simple as leveraging blockchain technology (even as financial institutions have been slow to adopt it despite widespread interest).

After listening to Pavel Bains give his perspective, you hope he’s right in his prediction of how soon this could be implemented.

Bains also discusses:

When a blockchain is not really a blockchain

How a 9/11 Thought Experiment can explain why more and more companies have become willing to undergo the process of costly compliance, particularly with access to the “Golden Truth”

Two reasons why he discounts a Big Brother-type of threat

What clients really want from Bluzelle

At the very end, his prediction on how blockchain will impact your kids and grandkids’ insurance policies

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